MUKESH Ambani,61, leading India’s most valuable corporate house in terms of market value , Reliance Industries as Chairman & Managing Director ,remains the richest Indian for the 11th successive year with a net worth of USD 47.3 billion. In a statement, Forbes magazine, which keeps tabs on high profile personalities, says Ambani is also the year’s biggest gainer by adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service. Forbes also says in the Indian Rich List for 2018, Wipro Chairman Azim Premji, 73, also based in Mumbai, has retained the second spot adding USD 2 billion to his wealth at USD 21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal, 68, moved a place ahead to the third slot with a net worth of USD 18.3 billion, increasing his wealth by USD 1.8 billion. Mittal is followed by the Hinduja brothers at with a net worth of USD 18 billion and Pallonji Mistry with USD 15.7 billion. Other business magnates making the top 10 list are Shiv Nadar (USD 14.6 billion), Godrej family (USD 14 billion), Dilip Shanghvi (USD 12.6 billion), Kumar Birla (USD 12.5 billion) and Gautam Adani (USD 11.9 billion).”In a challenging year, which saw the rupee taking a tumble, the country’s 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India’s entrepreneurial energy is upbeat as ever,” said Naazneen Karmali, India Editor of Forbes Asia.Bengaluru based Biotechnology pioneer Kiran Mazumdar-Shaw,65, has emerged as the biggest percentage gainer of the year. One of only four women on the list, her net worth rose 66.7 per cent to USD 3.6 billion. In terms of net worth, she stood at 39th spot.”Despite a rout in the rupee that practically wiped out the Indian stock market’s 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to USD 492 billion,” a Forbes India statement said, adding that among the nation’s 100 richest, 11 saw their wealth jump by USD 1 billion or more.”The growth in the overall wealth of India’s richest in a challenging year is one indicator of the country’s economic advancement. New faces on the list – five of them – are also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets,” Forbes India Editor Brian Carvalho said in the statement. The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.”Public fortunes were calculated based on stock prices and exchange rates as of September 21.
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